Debtor: Aaron, Frederick D - Silver Spring, Maryland (MD)
Bankruptcy filed - August 2016, discharged - November 2016
| Court Case: |
16-21804 (Maryland Bankruptcy Court) |
| Chapter: |
7, A chapter 7 ... potential debtors should realize that the filing of a petition under ... §7 |
| Filed: |
August 31, 2016 |
| Discharged: |
November 29, 2016 |
Frederick D Aaron Address: 11200 Lockwood Drive Apartment 912 Silver Spring, 20901-4537 Maryland
A chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in chapter 13. Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code. Part of the debtor's property may be subject to liens and mortgages that pledge the property to other creditors. In addition, the Bankruptcy Code will allow the debtor to keep certain "exempt" property; but a trustee will liquidate the debtor's remaining assets. Accordingly, potential debtors should realize that the filing of a petition under chapter 7 may result in the loss of property.